Los Angeles Capital Management LLC Decreases Holdings in Eaton Co. plc (NYSE:ETN)

Los Angeles Capital Management LLC lessened its stake in Eaton Co. plc (NYSE:ETN) by 5.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 568,883 shares of the industrial products company’s stock after selling 33,269 shares during the quarter. Los Angeles Capital Management LLC owned approximately 0.14% of Eaton worth $178,373,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of ETN. Norges Bank bought a new position in Eaton during the fourth quarter worth about $1,087,983,000. Capital World Investors raised its holdings in Eaton by 323.8% during the 1st quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock valued at $998,255,000 after acquiring an additional 2,439,270 shares during the period. Jennison Associates LLC lifted its position in shares of Eaton by 2,857.4% during the first quarter. Jennison Associates LLC now owns 1,262,479 shares of the industrial products company’s stock worth $394,752,000 after acquiring an additional 1,219,790 shares in the last quarter. Balyasny Asset Management L.P. grew its position in shares of Eaton by 2,006.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 964,728 shares of the industrial products company’s stock valued at $232,326,000 after purchasing an additional 918,936 shares in the last quarter. Finally, Swedbank AB bought a new stake in shares of Eaton during the 2nd quarter valued at $225,974,000. 82.97% of the stock is owned by institutional investors.

Eaton Stock Down 0.3 %

Shares of NYSE:ETN traded down $0.75 during trading on Friday, hitting $284.97. The stock had a trading volume of 2,163,854 shares, compared to its average volume of 2,172,430. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. Eaton Co. plc has a 12 month low of $191.82 and a 12 month high of $345.19. The company has a market capitalization of $113.93 billion, a PE ratio of 33.64, a PEG ratio of 2.35 and a beta of 1.01. The firm’s fifty day moving average is $302.48 and its 200 day moving average is $310.93.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. The business had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.35 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. Analysts anticipate that Eaton Co. plc will post 10.74 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were issued a $0.94 dividend. The ex-dividend date was Monday, August 5th. This represents a $3.76 annualized dividend and a yield of 1.32%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Morgan Stanley initiated coverage on Eaton in a report on Friday. They set an “overweight” rating and a $370.00 target price for the company. Wells Fargo & Company cut their target price on shares of Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday. Barclays increased their price objective on Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Finally, Raymond James began coverage on shares of Eaton in a research note on Friday, June 28th. They set an “outperform” rating and a $375.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $335.76.

Insider Activity

In related news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the transaction, the insider now directly owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the sale, the insider now directly owns 9,900 shares in the company, valued at approximately $2,858,328. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Dorothy C. Thompson bought 2,205 shares of the stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the acquisition, the director now owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. The disclosure for this purchase can be found here. Insiders have sold a total of 52,511 shares of company stock worth $15,809,326 over the last 90 days. 0.53% of the stock is currently owned by insiders.

Eaton Profile

Eaton Corporation plc operates as a power management company worldwide. The company's Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.